-LRB- CNN -RRB- -- Jeff Yeager says the economic downturn is an opportunity for people to simplify their lives and be content with less .

More than 40 percent of the average household food budget is spent on eating out , says Jeff Yeager .

The author of `` The Ultimate Cheapskate 's Road Map to True Riches '' has some ideas for saving $ 20,000 to $ 30,000 a year . The savings do n't necessarily require sacrifices , he says , but rather choices that can lead to greater happiness .

Yeager talked with Heidi Collins on Tuesday on `` CNN Newsroom . '' A transcript of their conversation follows .

Heidi Collins : How did you become a cheapskate , if you will ?

Jeff Yeager : Well , you know , I 'm about 50 years old . I grew up in the Midwest , and back then , spending money was really a last resort . We led sort of a simpler life , and I think , in a lot of ways , happier , Heidi . And that 's really what I write about is , maybe there 's a silver lining to this economic downturn . Maybe we can simplify our lives , be content with less and actually enjoy life more .

Collins : All right . As a fellow Midwesterner , I share your cheapskate thoughts already .

Yeager : You are a sister of the cheaphood . I knew it , Heidi .

Collins : Well , hey . I do wonder , though , as you 've gone through this process , if you will , if you become the ultimate cheapskate , are you noticing now a lot more people kind of joining your club ?

Yeager : You know , they are . And again , I do n't really talk about a life of sacrifice . I talk about a life of choices and how , in many instances , less can be more . Watch Jeff Yeager explain his savings suggestions ''

You know , in this economy , we hear a lot of stories about how to get more stuff for 20 percent less . I 'm not saying that 's unimportant . But maybe we 're missing the real point . The secret to the time is being content with less .

Collins : OK . Wow . I like the way you talk . All right , so let 's get to these five things , because that 's what everybody really wants to hear about . Specifically , what they can do . And again , this is in order to save 20,000 to $ 30,000 a year . Really ?

Yeager : If these things apply to your family .

Collins : OK .

Yeager : And they are -- let me say in advance -- these are some fairly radical changes . But , again , it 's probably not about sacrifice . It 's about changing your life and maybe in the end being happier .

Collins : OK . Well , very good . First thing you say , give up your cell phone .

Yeager : Give up the cellulite life . I will use myself as a poster child . You know , I have a fairly successful career , a very happy life . I 've never owned a cell phone , and nothing awful has ever happened .

Collins : Now , wait a minute . I 've got to push back for a second , because a lot of people will tell you you can be happier with a cell phone because you 're out of the office and you 're with your family more , still able to still do business .

Yeager : We can debate all that , but 10 or 15 years ago , none of us had it , and nothing awful happened . It seemed to me we were really quite happy . Average cell phone plan costs about $ 100 a month . There 's an interesting article in the recent Christian Science Monitor that shows the actual cost of using a cell phone could be more than $ 3 a minute by time you factor in unused minutes and so on .

Collins : Wow . All right . You say you might not need that second car and certainly not the third ?

Yeager : Americans own about 2 1/2 cars per family . Can you give up one ? The Auto Club says it costs about , on average , $ 1 a mile to drive a car by the time you factor in the cost of the car , depreciation and so on . So , you could easily be talking about $ 5,000 to $ 10,000 savings by sharing the remaining car that you have , using public transportation and so on .

Collins : OK . Give up meals prepared outside your home . Quit going out for meals no matter what , if it 's just a salad or a fancy fancy dinner ?

Yeager : More than 40 percent of the average American family household food budget is spent on meals prepared outside the home . You can cut that by 80 percent by cooking those same meals at home and you know , maybe recapture some family time around the dinner table .

Collins : Yes , there would be people who would argue with you about that , though , too , because our culture is just so socially oriented to food . Every dinner , every business meeting , every lunch .

Yeager : We 're too busy to cook because we 're too busy earning the money to spend it by dining out .

Collins : Yes , yes . All right , you also say quit shopping for new clothes .

Yeager : Yes . Here again , it 's what 's good for your pocketbook and good for the environment . Less than 2 percent of clothes that we throw away in America are worn out . The average family spends about $ 1,800 on clothing . Certainly most of us have more than enough stuff in our closet that we could go six months , even a year without buying new clothes .

Collins : Yes , and then maybe just get it tailored or updated or something . Accessorize , I do n't know , right ?

Yeager : And again , less than 2 percent of the clothes we throw away are worn out . That 's a waste of the Earth 's resources .

Collins : All right . And finally , give up college room and board . You want the kids to live at home forever ?

Yeager : This is a big one , you know ? Back in my day , if you have a child in school , consider having them live at home while they go to school . It 's been a huge generational shift .

Back in my days , lots of people , including myself , lived at home when we went to college . Therefore , we did n't take out any college student loans . Now , of course , most kids go away to school , take out student loans . When they graduate , what do they do ? They move back home with mom and dad ! Let 's skip the money step !

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Author Jeff Yeager says radical changes can lead to big savings

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Lose your cell phone and give up second or third car , Yeager says

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Families spend more than 40 % of budget on eating out , so cook at home , he says

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Quit shopping for new clothes , and have kids live at home while at college , he says